1. CM has 2 criminal attorneys. It is unknown if their retainers were paid with BDI funds.

2. CM left town around the time of the bankruptcy. No cause effect relationship is determined. He has moved to Auburn, Alabama because his daughter is in school there and his wife Patrice has a job there. "We have an extradition treaty with Alabama" -Martinec

3. It is unknown what type of car CM received the car allowance for. It is also unknown what the trips to Dubai and Italy were for.

4. The guns are no longer in CM's possession.

5. Intellectual property was valued at 10 million dollars by an independent firm from Dallas 3 years ago in a "very colorful report".

7. The claim against Corbin Tuma is because "there is a suspicion that he stole from the vault".

8. Bensimon is in possession of the coins that were in the vault at Lavaca. "probably less than $10,000". They are for 24 specific customers and are to be returned to those customers. Uncashed checks are also supposed to be returned to customers.

9. IRA holders are treated no differently than other "creditors" at this time.

10. BDI has been losing money since 1999 and after 1999 had no inventory of its own.

7. The claim against Corbin Tuma is because "there is a suspicion that he stole from the vault".

10. BDI has been losing money since 1999 and after 1999 had no inventory of its own.

Thank you very much for sharing this; it is muchly appreciated.

I just found out this morning that the car was likely a Toyota Land Cruiser, and that the Dubai and Italy trips were regarding companies that would assist with a packaging system.

It is good to hear about the IP; the $10M valuation would account for the $10M-$50M in assets (I.E. not just relying on Charles saying "Sure, it's worth a TON of money!"). As nobody will point out, that's "pre Alice" (so the software component could have significantly deteriorated).

It would be interesting to see if Texas personal property tax is charged if the property is being held for others that actually own it. Moving the property out of state, based on the fact that it was owned by Bullion Direct, might possibly play a role in determining the legality of what occurred.

I found out this morning that Corbin Tuma was the vault manager for some time. Although theft from the vault would likely be difficult to prove.

11. BDI had a flawed business plan from the beginning. There was 1% commission for the buyer and the seller. Should the business continue that would need to be increased to 2 or 3 percent , on the seller. Per Bensimon

12. CM borrowed $900,000 as loan to shareholder for a house. Debt was retired when the house was sold.

13. Mr. Jessie Moore, attorney for creditors' committee, says 2-3 cents on the dollar return is optimistic for Chapter 11 and less return if it converts to Chapter 7.

14. Laura Fontaine, attorney for Dillon Gage would like to get CM to sit down for a "2004" or deposition but he has not been available for that yet.

15. Bensimon is now president of Nucleo and BD and is being paid by neither. He has "skin in the game" and would like to have some final victories in the latter stages of his career. He does expect to be paid should the company succeed which he believes it will. "Most" of Nucleo's debts are to BD.

16. Equity Institutional/Sterling Trust may have some liability as custodians for IRA holders. -Martinec

17. There are a lot of questions that Bensimon and Martinec don't have the answers to. They are dependent on the information CM gave them. A lot of information is "in the cloud".

18. CM recently stopped paying the premiums to Lloyd's of London and "the policy does not cover employee stealing". -Martinec

19. 6-7 million was spent on software development.

20. Bensimon first met CM on June 18th or 19th of this year. The meeting was not audio recorded "unless" CM recorded it.

Originally Posted by nobodyDid you happen to get the name of the firm that wrote the "very colorful report"?

They didn't say. If you email Mr. Bensimon or Mr. Martinec they can get you that information. I'm not an Information Technology person. They did talk about how the platform could be used to trade things other than precious metals. They implied it could be useful for someone who was trading parts to repair old planes or cars.

Another "creditor" who is an IT person challenged the value of the platform and suggested it could be duplicated for $10,000. Bensimon countered that it could possibly be duplicated cheaper but not with the high volume of trades that this software can do reliably.

Originally Posted by harley_52***"13. Mr. Jessie Moore, attorney for creditors' committee says 2-3 cents on the dollar return is optimistic for Chapter 11 and less return if it converts to Chapter 7."***

Would one of you gentlemen who understands this process be so kind as to explain why that would be the case? Thanks....

Edit....I mean why would there be less to distribute in a chapter 7 than chapter 11?

I too am interested in this answer.

On another note, point 13 is cause for serious depression. This is NOT what I wanted to hear. Words connot describe how F&UCKING PISSED I am right now. If I knew I could get to CM right now...

My best guess is that the hope is that in chap 11 they can license some portion of it for recurring revenue. Chap 7, they have to sell it.

Assuming there's value there, licensing it could potentially bring in more revenue over the long term, whereas in chapter 7 it will only ever have the value it goes for at auction (or whatever bidding process is used... perhaps their own software!).

***"My best guess is that the hope is that in chap 11 they can license some portion of it for recurring revenue. Chap 7, they have to sell it.

Assuming there's value there, licensing it could potentially bring in more revenue over the long term, whereas in chapter 7 it will only ever have the value it goes for at auction (or whatever bidding process is used... perhaps their own software!)."***

Thanks. That would make sense, but it seems like an awfully speculative scenario for an attorney to use it to come up with such a precise estimate.

I didn't think we knew yet, for sure, where all the assets are located. Maybe they're finished with all inventories and are in a position to definitively identify all the creditors, but I've had the impression there was still a lot of digging to do. I mean, I still haven't seen my name on any list and the amount they owe me would certainly have some impact on the numbers and I know I'm not alone.

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